GOLDEN STABLE
CHARITY NUMBER: 276359 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
GOLDEN STABLE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
NAME OF THE CHARITY:
Golden Stable
CHARITY REGISTRATION NUMBER:
No: 276359
PRINCIPAL OFFICE
Hopfield House North Frith Farm Ashes Lane Hadlow TONBRIDGE Kent TN11 9QU
TRUSTEES
The Trustees during the year were:
Nigel Philip Thomas Mrs Jennifer Miriam Thomas Jonathan George Rosies (resigned 21 January 2023) Jessica Thomas Jonathan Hedge Cameron Thomas (appointed 21 January 2023) Isabelle Thomas (appointed 21 January 2023) Alice Bradley (appointed 21 January 2023) Emma Horne (appointed 21 January 2023) Thomas Horne (appointed 21 January 2023)
CHIEF EXECUTIVE OFFICER
Nigel Philip Thomas combines Trustee with Chief Executive Officer.
INDEPENDENT EXAMINER
T Lane Director in M N Jenks & Co Limited 72 Commercial Road Paddock Wood TONBRIDGE Kent TN12 6DP
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GOLDEN STABLE
REPORT OF THE TRUSTEES (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
BANKERS
CAF Bank Limited 25 Kings Hill Avenue WEST MALLING Kent ME19 4JQ
INVESTMENT MANAGERS
Psigma Investment Management 126 Jermyn Street LONDON SW1Y 4UJ
SOLICITORS
Warners 16 South Park SEVENOAKS Kent TN13 1AN
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GOLDEN STABLE
REPORT OF THE TRUSTEES (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees submit their annual report and financial statements for the year ended 31 March 2024, in accordance with current statutory requirements and the Charity’s governing document.
Structure, Governance and Management
The Charitable Trust was constituted by a Trust Deed made on 23 May 1978 as amended on 21 January 2023 and registered with the Charity Commission under number 276359.
When new trustees are to be appointed they must be professionally competent and identify with the Charity’s broad purpose as well as the detailed aims of the family trustees.
All decisions are taken by the trustees. There are no other members of staff. Requests for loans or grants are made to individual trustees who discuss the suitability or otherwise with other trustees at their meetings.
The major risk to which the Charity is exposed is defaulting on loans. Wherever possible ample security is taken, covered by appropriate legal documentation before proceeding.
Objectives and Activities
The prime objectives and activities remain unchanged. The Trust Deed gives preference to such charitable Institutions or such charitable purposes whose objects or work involves; “The furtherance of the Gospel of the Lord Jesus Christ or the support of those institutions and individuals involved in the promotion of that Gospel”.
The Trustees have paid due attention to the requirements of the Charity Commission in respect of the need to make plain the public benefit of the activities of the Trust.
The objectives are pursued in the following ways;
1 Loans are made to UK Christian charities to enable them to undertake projects which would not otherwise come to fruition. Currently all loans are repayable within five years at a fixed rate of interest. It has been agreed by the trustees that any future loans will be smaller and of a short term nature so that more time and resources can be focussed on grants. The only loan currently outstanding is to a Christian retreat centre in Scotland.
2 Grants are made to Christian work in both the UK and to UK charities who carry out work abroad, including relief of the poor and education and training in skills that will help lift people out of poverty. Broadly speaking the charity aims to avoid supporting large organisations who require substantial grants, instead focussing on smaller projects with less profile that might otherwise struggle to receive support. This is the main activity of the charity and examples include:
World Vision
World Vision is a charity organisation that operates on a large scale, having assisted nearly 100 countries that have suffered from extreme poverty or are currently in war. World Vision, first and foremost, aims to empower children of all backgrounds in poverty and respond to emergencies with immediate relief and long-term rebuilding. For over 70 years, World Vision has worked with communities, donors, partners and governments to tackle poverty at its roots by helping provide the necessary support.
Inspired by the Christian faith in which the charity was built, World Vision has not only provided food and shelter to children and families in need, but has also helped speak out on child abuse issues like underage marriage, child soldiers and child labour, while helping to influence laws and amplify children’s voices. World Vision’s primary ethos is to protect the children today, so that we can empower them tomorrow.
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GOLDEN STABLE
REPORT OF THE TRUSTEES (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3 Housing - Occasionally where Christians are unable to find accommodation within their personal finances near their place of work, the Trust will enter a part equity agreement usually amounting to a small fraction of the whole. Over time these equity shares have become profitable investments.
The Charity does not seek out new clients as they come by word of mouth to the trustees from trusted sources within the Christian community.
No volunteers are used within the Charity
Investments
The main activity of the Charity is the distributing of grants each year which amount to around £100k per annum, but can vary depending on applications received and investment returns. With this in mind, the financial objective of the charity is to produce the best financial return possible with a low level of risk, in order to fund annual grant making and maintain the financial resources of the charity for as long as possible.
All decisions regarding investments are taken by the trustees as a whole, and the trustees recognise that the annual return generated by investments will not meet budgeted grant making and lead to a slow reduction in the financial size of the charity over time which they are happy with. The Charities low risk investment strategy means:
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Stocks and shares are handled by a regulated stock broker on a low risk basis.
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Property investments require security valued at least 20% over and above the loan granted.
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Part equity agreements will contribute no more than 50% of the property value.
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Short term loans will not exceed £30k and be repayable within five years.
The trustees recognise that the capital value of the charity will fluctuate in the short term which is more than compensated for by long term property investment. Sufficient liquid assets are held to meet short term grant making commitments.
The trustees consider the current diversity of assets to be more than sufficient for its purposes, but do not wish to invest further in property assets because of their long term nature unless a specific need arises that meets the charities objectives, rather than its investment strategy, and is agreed by all trustees.
Cash balances are held with a maximum balance of £150k deemed to be sufficient for liquidity purposes. Any monies above this are invested in stocks and shares to ensure a better return.
Restricted Funds
The charity has no restricted funds.
Achievements and performance
Once again Golden Stable has been able to provide financial support to charities and organisations that are doing some amazing work particularly amongst the poor both in the UK and abroad. The regular reports we receive make it a privilege to be a part of what these projects, whether it’s the homeless in London, a football club in Africa, preaching the gospel to the young people of Tonbridge or an educational programme in Pakistan.
Looking ahead, the flow of funds from loans, both capital and interest, will start to decline as long term loans are finally repaid. This means that future grants will exceed income and mean the charity will need to start drawing on reserves of stocks and shares over the coming years to meet donations. A level of grant giving has been set which the trustees believe will enable it to continue offering grants well into the future.
The Trustees have complied with their duty in section 4 of the 2006 Charities Act having due regard to the public benefit guidance published by the Charity Commission.
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GOLDEN STABLE
FOR THE YEAR ENDED 31 MARCH 2024
REPORT OF THE TRUSTEES (CONTINUED)
Financial
No fund raising is undertaken, and none is anticipated.
There is a constant flow of funds, both capital and interest, returning to the charity from interest bearing loans and investment in stocks and shares. Currently reserves are high as calls for loans have decreased due to the current financial climate. It is expected that future grants will exceed income from interest on loans which will decrease reserves over the coming years.
The investments of the Charity have been acquired in accordance with the powers available to the Trustees in the Trust Deed and the Stock Exchange investments have been professionally managed by Psigma Investment Management, independent investment managers.
Plans for Future Periods
Over the coming years the trust is planning to continue its work along the lines already established, with a greater emphasis on grants. It is hoped that a new generation of trustees will be coming on board this year to help continue the work of Golden Stable well into the future
N P THOMAS TRUSTEE
Date: 31 January 2025
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GOLDEN STABLE
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024
Charity Law requires the Trustees to prepare in respect of each financial year of the Charity a statement of accounts complying with such requirements as to its form and contents as may be prescribed by regulations made by the Secretary of State. In preparing those financial statements the Trustees are required to:
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(a) select suitable accounting policies and then apply them consistently;
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(b) make judgements and estimates that are reasonable and prudent;
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(c) state whether the policies adopted are in accordance with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
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(d) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT EXAMINER'S REPORT TO
THE TRUSTEES OF GOLDEN STABLE
I report on the financial statements of the Charity for the year ended 31 March 2024 set out on pages 8 to 15.
RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND INDEPENDENT EXAMINER
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the Charities Act)) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to:
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examine the accounts (under section 145 of the Charities Act);
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to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act); and
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to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts, and the report is limited to the matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no material matters have come to my attention which gives me cause to believe that, in any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 March 2018, effective 1 January 2019).
I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
31 January 2025 72 Commercial Road Paddock Wood, Tonbridge, Kent
T Lane Director in M N Jenks & Co Limited Chartered Accountants
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GOLDEN STABLE
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Income from: Donations and Legacies Investment Income (Note 2) Income from Charitable Activities Loan Interest Rental Income Total Income Expenditure Cost of raising funds - Investment Management Fees Charitable Activities: Gifts to Christian Organisations Support Costs Other Costs - Investment Property Costs Governance Costs Total Expenditure(Note 3) Net gains (losses) on investments Realised Gains/(Losses) on Disposal of Investments Unrealised Gains (Losses) on Investments Net Income (Expenditure) Transfers Net Income/(Expenditure) before Other Recognised Gains and Losses Realised Gains on Disposal of Fixed Assets held for Charity's own use Unrealised Gains on Revaluation of Fixed Assets held for Charity's own use Net Movement in Funds Fund balances brought forward at 1 April 2023 Balances carried forward at 31 March 2024 £ |
Unrestricted Funds 2024 £ - 78,866 - 12,000 12,000 90,866 21,476 68,288 2,801 3,699 3,294 78,082 99,558 (21,714) 139,517 117,803 109,111 - 109,111 - (10,309) (10,309) 98,802 5,094,724 5,193,526 £ |
Unrestricted |
|---|---|---|
The notes set out on pages 10 to 15 form an integral part of these financial statements.
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GOLDEN STABLE
BALANCE SHEET
31 MARCH 2024
| FIXED ASSETS Tangible Assets Investments CURRENT ASSETS Debtors Cash at Bank and In Hand CREDITORS:Amounts falling due within one year NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY Revaluation Reserve re Tangible Fixed Assets Unrestricted Income Fund |
Notes 4 5 6 7 |
844 74,599 75,443 (2,766) £ £ |
2024 £ 502,695 4,618,154 5,120,849 72,677 5,193,526 £ 77,168 5,116,358 5,193,526 £ |
2023 £ 581,509 4,443,528 5,025,037 19,086 53,186 72,272 (2,585) 69,687 5,094,724 87,477 5,007,247 5,094,724 |
|---|---|---|---|---|
Approved by the Board of Trustees and signed on its behalf by:
N P THOMAS TRUSTEE
Date: 31 January 2025
The notes set out on pages 10 to 15 form an integral part of these financial statements.
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GOLDEN STABLE
NOTES TO THE FINANCIAL STATEMENTS
31 MARCH 2024
1 ACCOUNTING POLICIES
The principal accounting policies adopted are as follows:
(a) Basis of Accounting
These financial statements have been prepared under the historical cost convention.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Charity constitutes a public benefit entity as defined by FRS102.
(b) Income Recognition
Items of income are recognised and included in the accounts when all of the following criteria are met:
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The charity has entitlement to the funds;
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any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity;
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there is sufficient certainty that receipt of the income is considered probable; and
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the amount can be measured reliably.
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(i) Voluntary income is received by way of donations and is included in full in the Income and Expenditure Account as soon as it is received.
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(ii) Dividend income is recognised on the date of payment.
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(iii) Interest on loans, and deposits, whether they are loans to other charities or deposits with banks, building societies or other deposit holders are recognised on an accruals basis.
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(iv) Tax Recoverable. Tax recoverable is recognised when claimable.
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(v) Gifts in kind are included at market value when received.
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(vi) For legacies, entitlement is taken as the earlier of:
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the date on which the charity is aware that probate has been granted;
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the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made; or
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when a distribution is received from the estate.
Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
- (vii) Rental income is recognised on an accrual basis.
(c)
Value Added Tax
The Charity is not registered for VAT purposes and all costs are inclusive of VAT.
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GOLDEN STABLE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
31 MARCH 2024
1 ACCOUNTING POLICIES (continued)
(d) Capitalisation and Depreciation of Fixed Assets
Provision is made for depreciation on fixed assets at rates calculated to write off the cost or valuation of each asset over their expected useful life, as follows:
Fixtures, fittings and equipment - 25% on written down value
All assets costing more than £500 are capitalised.
(e) Resources Expended
Expenditure is included when incurred. The irrecoverable element of VAT is included within the item of expense to which it relates. Support costs are those costs incurred directly in support of expenditure on the objects of the Trust. Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional statutory requirements.
(f) Investment Assets
Investment assets are valued at market value at the balance sheet date.
Fixed asset listed investments are valued at the prices quoted as at close of business at mid-market or last traded price on the relevant stock exchange as obtained from FT Interactive Data. Unit trusts are valued at bid prices, unquoted securities at prices obtained from accredited sources.
Investment assets include other interests in Land and Buildings. These represent loans for the purchase of freehold land and buildings which are secured by a legal charge thereon, in circumstances where the Trust holds an equitable interest in the property. The equitable interest is calculated by reference to the proportion which the Trust's loan bears to the purchase price of the property.
Gains and losses on disposal and revaluation of investments are charged or credited to the Statement of Financial Activities.
(g) Funds Accounting
Funds held by the Charity are either:
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Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Council Members.
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Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
(h) Allocation of Costs
Those costs which cannot be allocated directly to a functional classification have been apportioned on a usage basis.
| 2 | INVESTMENT INCOME Source of Investment Income: Dividends - UK equities and Unit Trusts - Overseas Interest - UK fixed interest securities Interest - Overseas fixed interest securities Interest on cash deposits Other UK Investment Income £ |
2024 £ 27,200 9,499 25,221 14,410 1,027 1,509 78,866 £ |
2023 £ 23,002 6,404 19,912 17,272 1,102 3,282 70,974 |
|---|---|---|---|
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GOLDEN STABLE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
31 MARCH 2024
| 3 4 |
TOTAL EXPENSES These include the following: Independent Examiner's Fees Depreciation The Charity had no employees during the year (2019 - Nil). TANGIBLE FIXED ASSETS Cost/Valuation: At 1 April 2023 Additions Disposals Revaluation At 31 March 2024 Depreciation: At 1 April 2023 Charge for Year At 31 March 2024 BOOK VALUE: At 31 March 2024 £ At 31 March 2023 £ |
Total £ 585,225 - (68,500) (10,309) 506,416 3,716 5 - 3,721 502,695 581,509 |
2024 £ 2,070 5 Freehold Land and Buildings £ 581,482 - (68,500) (10,309) 502,673 - - - - £ 502,673 £ 581,482 |
2024 £ 2,070 5 Freehold Land and Buildings £ 581,482 - (68,500) (10,309) 502,673 - - - - £ 502,673 £ 581,482 |
2023 £ 1,980 9 Fixtures, Fittings and Equipment £ 3,743 - - - 3,743 3,716 5 - 3,721 £ 22 £ 27 |
|---|---|---|---|---|---|
£ £ |
All fixed assets are used in direct furtherance of the Charity's objects. The historical cost of the freehold land and buildings in Chiltern Way, Tonbridge, was £234,123. The property was purchased in December 2014 and has been professionally revalued in May 2023 by Barnes Kingsnorth, Estate Agents. The property in Salisbury Road, Tonbridge, was purchased at a historical cost of £190,900 in December 2016 and was professionally revalued in May 2023. A further property was purchased in Severnside, Sheffield at a cost of £68,982 in August 2022 and has yet to be revalued.
| 5 | FIXED ASSET INVESTMENTS Market Value 1 April 2023 Additions Disposals Net Unrealised Investment Gains (Losses) Realised Investment Gains (Losses) Market Value 31 March 2024 |
Total £ 4,443,528 168,686 (111,864) 139,517 (21,714) |
Freehold Land and Buildings Other Interests In Freehold Land & Buildings £ £ 907,500 1,315,773 - - ( - ) ( - ) (9,350) (23,762) - - |
Freehold Land and Buildings Other Interests In Freehold Land & Buildings £ £ 907,500 1,315,773 - - ( - ) ( - ) (9,350) (23,762) - - |
Listed Investments £ 2,128,753 163,872 (111,863) 172,629 (21,714) |
Cash Deposits £ 91,502 5,014 - - - |
|---|---|---|---|---|---|---|
| £ 4,618,154 £ 898,150 £ |
1,292,011 | £ 2,331,477 £ 96,516 |
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GOLDEN STABLE
31 MARCH 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5 FIXED ASSET INVESTMENTS (CONTINUED)
Agricultural land was re-valued professionally in November 2023 by BTF Partnership LLP, Chartered Surveyors.
The properties at 3 Fairfield Way, 28 Beverley Crescent and 62 Town Acres in Tonbridge held as Other Interest in Freehold Land and Buildings were re-valued in May 2023 by Barnes Kingsnorth, Estate Agents. The property at 29 Roundfield Avenue, Harpenden has been professionally revalued by The Land Office, Estate Agents in March 2023.
The property at Coldharbour Lane was revalued by Barnes Kingsnorth, Estate Agents, in May 2023.
The Trustees consider that the property at Coldharbour Lane which was included in Investment Properties, together with Other Interests in Land and Buildings, are Mixed Motive Investments in that they assist Christian workers or missionaries who are unable to find accommodation within their personal finances near their place of work but can also provide a suitable rate of return. The total value of these investments included within the portfolio amounts to £1,965,761 (2023 - £2,003,273).
| Investments may be further analysed as follows: Investment assets in the UK Investment assets outside the UK £ |
2024 £ 3,680,895 937,259 4,618,154 £ |
2023 £ 3,060,965 1,382,563 4,443,528 |
|---|---|---|
Fixed Asset investments include the following holdings which constitute more than 5% of the value of the portfolio.
| portfolio. | ||
|---|---|---|
| Investment Properties Hawthorns, Cold Harbour Lane, Tonbridge, Kent Other Interests in Land and Buildings 28 Beverley Crescent, Tonbridge, Kent 62 Town Acres, Tonbridge, Kent 3 Fairfield Way, Tonbridge, Kent 29 Roundfield Avenue, Harpenden Historical Cost £ |
Market Value £ £ 673,750 418,374 336,140 256,893 280,604 2024 3,280,299 £ |
% of |
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GOLDEN STABLE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
31 MARCH 2024
| 6 | DEBTORS Loans Recoverable [Note (i)] Other Debtors (i)Loans Brought forward at 1 April 2023 Further advances during the year Gift made Repayments during the year Carried forward at 31 March 2024 Due within one year Due after more than one year |
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|---|---|---|
At 31 March 2024 there were no loans (2023 - 1) different borrowers. The loans related to particular charitable projects and of special needs. The duration, rate of interest and other terms for each loan were negotiated on an individual basis. Original terms are not infrequently renegotiated subsequently. The maximum initial duration of fixed term loans made by the Trust is normally ten years.
| 7 | 2024 2023 CREDITORS:Amounts falling due within one year £ £ Accruals £ 2,766 £ 2,585 |
|---|---|
8 TRUSTEES' EXPENSES
No expense payments were made in respect of Trustees for the year.
No payments in respect of remuneration were made to Trustees during the year.
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GOLDEN STABLE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
31 MARCH 2024
9 DONATIONS AND GIFTS
During the year donations and gifts totalling £68,288 (2023 - £134,288) were made to various Christian organisations. Gifts of £1,000 or more were as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Gartmore House | - | 12,000 |
| Birchfield Charitable Trust | 4,900 | - |
| Starfish Asia Fund | 2,500 | 30,000 |
| Qavah Trust (formerly Tonbridge Youth Trust) | 8,000 | 7,000 |
| Bluejay Trust | 5,000 | 5,000 |
| Mayenjene Trust | 2,000 | 1,800 |
| Grace & Light | - | 5,000 |
| Freedom International | 5,000 | 5,000 |
| This is Growth Ltd (GrowTH) | 5,000 | - |
| Arukah Network | 5,000 | 10,000 |
| Kids Club – Kampala | 5,000 | 15,000 |
| Yada Collective | - | 10,000 |
| Stewardship | 25,600 | 33,200 |
10 TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS
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(i) Donations totalling £8,000 (2023 - £7,000) were made to Qavah Trust (formerly Tonbridge Youth Trust) being a charitable organisation in which N P Thomas and Jenny Thomas are Trustees.
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(ii) A charge of £2,160 (2023 - £2,000) has been raised in respect of the use of office accommodation and facilities by Golden Stable for the year to 31 March 2024. The office accommodation is owned by North Frith Farm, a partnership in which N P Thomas is a partner.
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